BISQ REVIEW 2022
DEXs, also known as decentralized exchange platforms, are exchanges that allow users to engage in trades without the need for a third party to mediate the process or a middleman who has knowledge of what was traded, where it was traded, and how it was traded.
Centralized cryptocurrency exchanges, on the other hand, provide assistance, forward trades, process them, and carry out transactions on behalf of their customers. Users have the ability to buy, sell, and trade digital assets and cryptocurrencies on this platform. Centralized cryptocurrency exchanges are used by the vast majority of traders today due to the fact that these exchanges are typically simpler to use and provide a significant amount of assistance along the way. This, however, comes at a cost, which is typically expressed in the form of fees and requirements regarding personal data.
Quickness and speed of execution are two additional areas in which decentralized cryptocurrency exchanges have an advantage over centralized cryptocurrency exchanges. When everything is said and done, the processing of orders and deposits on centralized exchanges can take days.
As long as you are aware of what you are doing and are able to read charts, decentralized exchanges are significantly easier to use than centralized ones in many respects. If you already know all of that and you’re ready to take command of your trades, we’re ready to launch – let us introduce you to Bisq.
ABOUT THE TRADING PLATFORM
Bisq, a Decentralized Autonomous Organization (DAO), was one of the first organizations of its kind when it was launched in 2014. The fact that this reliable and secure cryptocurrency exchange is decentralized is what makes it accessible to users located in every region of the world.
Through the peer-to-peer platform that is the Bisq exchange, users are able to acquire bitcoins, trade tokens, and swap one cryptocurrency for another (e.g. Bitcoin for Ethereum or another altcoin). The cryptocurrency platform offers support for over 120 different cryptocurrencies, including Dash, Zen, Dogecoin, and Ethereum, in addition to some of the most widely used fiat currencies, such as the US Dollar, the Euro, and the Chinese Yuan.
The pass-through funds that are currently available are held in hot wallets, which should not be used for anything other than the transfer process itself. After a user completes a transaction, they should always move their funds to a private hardware wallet for the purpose of storage and security. Users are not required to sign up for an account at the exchange in order to use the trading platform, nor are they required to disclose any information regarding themselves or their health.
HOW DOES BISQ WORK?
At Bisq, in contrast to centralized exchanges like HitBTC, Kraken, Binance, or Huobi, users trade assets directly with one another and do not submit their transactions to a third-party platform. The trades are made possible and carried out by the blockchain network, which means that Bisq is completely unregulated and can do so because it has the financial resources to do so.
Because of this, the platform is extremely risky in addition to being very secure. Paradoxical? To begin, the exchange self is secure because it is not connected to a server that can be broken into or compromised. On the other hand, as a trader, the vast majority of the time, you do not know with whom you are conducting business or whether the assets they are trading are real or not.
The vantage point and point of view make all the difference. Some people will feel safer because there is no central authority looking over their shoulder all the time, while others will feel unsafe for the exact same reasons because there is no central authority watching over their shoulder all the time.
The user interface of Bisq is uncomplicated and simple, making it very easy to get around. This is by no means the standard, as the vast majority of other decentralised exchanges have APIs that are not friendly to users. The majority of the time, users will need to have a solid foundation of knowledge in centralised cryptocurrency exchanges before they can successfully transition to decentralised ones. On the other hand, at Bisq, even inexperienced traders won’t have any trouble getting down to business right away.
TRADING FEATURES
Because it does not have a website, the cryptocurrency exchange known as Bisq is a little bit different from your typical run-of-the-mill exchange. If you’re wondering whether or not the platform has an app, the answer is yes—not only does it have one, but it is an app. On their computers running Linux, Mac OS X, or both, users can download it from the Github website.
The user interface is simple to navigate, and configuring one’s preferences takes almost no time at all. After downloading and opening the application, all that is required of you is to link it to a bank account, select a payment method, and you will be finished. In all seriousness, you are free to begin trading right away.
Bisq is a peer-to-peer (P2P) exchange, which means that it does not require any kind of verifications or registers. It is important to point out that despite the fact that users are required to link a bank account in order to receive their funds, the bank itself has zero insight, no say in the matter, and no influence in any way shape or form over anything. It is merely a storage location for your cryptographic assets.
In addition to their orders, traders are required to put down a deposit of 0.030 bitcoin. The actual trade will not be affected in any way by this deposit; it is only used as collateral. A wallet that requires multiple signatures is utilised for the placement and storage of the funds.
The fact that Bisq is a decentralised cryptocurrency exchange that operates on its own blockchain is the primary factor that contributes to the platform’s exceptional user-friendliness. Therefore, the involvement of a third party is not necessary in the transaction process when purchasing cryptocurrencies with fiat currency. Deposits can be made through a variety of channels, including national bank transfers, SEPA, Advanced Cash, Western Union, Zelle, Perfect Money, and face-to-face transactions, to name a few of the most common and widely used options (F2F).
BISQ TRADING FEES
Bisq, in contrast to the vast majority of cryptocurrency trading platforms available today, is a Decentralized Anonymous Organization (DAO). It is a platform that is open-source and is managed by… Can you guess? You are in charge of it.
Trading fees are one way that the Bisq DAO blockchain is able to stay afloat financially. When it comes to making payments for fees, users have the option of using either BSQ or BTC. Bisq gives users a discount of fifty percent if they transact using the platform’s native token, which is denoted by BSQ. The discount is tied to the BSQ/BTC rates and fluctuates accordingly.
Users are required to pay a fee equivalent to 0.001 BTC or 13.16 BSQ for each and every 1 BTC that is traded. The taker fee is 0.007 Bitcoin, which is equivalent to 92.15 BSQ. Even if your 0.8% Bitcoin trade fees come in at a lower number, you will still be required to pay the minimum fee of 0.00005 Bitcoin. This is because the minimum fee on Bitcoin trades is set at that amount. The minimum amount of BSQ required for a trade is only 0.03 BSQ.
Contrary to the BSQ rates, which are subject to change and fluctuate from cycle to cycle, the Bitcoin rates are fixed and remain the same throughout. When making or accepting offers, traders have the option of selecting BSQ or BTC as the currency in which the trades are paid for, so the currency that is actually used is entirely up to the discretion of the traders.
SECURITY
Some investors are immediately put off by decentralised peer-to-peer exchanges due to the negative connotation that is attached to these platforms regarding the safety and security of their transactions. The fact that peer-to-peer cryptocurrency exchanges are not regulated, audited, or insured is primarily to blame for this situation.
Despite the fact that there have been incidents in which traders have been conned out of their hard-earned binary code, not everyone who conducts business through a decentralized P2P exchange is a dishonest person. In point of fact, there is a good chance that as a trader, you will be far less damaged by a P2P scam than you would be if you used a centralized cryptocurrency exchange that uses KYC and AML tests before it lets you move a finger. This is because P2P scams are much more prevalent.
A decentralized peer-to-peer (P2P) exchange is considered a null target because it does not hold any assets or funds of any kind. Why would somebody go to all that trouble to breach the security of the platform if there are no funds to steal in the first place? The majority of traditional centralized exchanges place newly acquired Bitcoin in wallets that are native to the platform they operate on. If someone figures out how to get inside, it will be like going to a highway buffet where you can eat as much as you want. They have the ability to leave with everything that is in your wallet, which is a literal possibility. On the other hand, if you fall victim to a scam during a P2P exchange trade, such as when someone provides you with fake altcoins, all you stand to lose is the amount that you traded for.
BISQ SUPPORT
The frequently asked questions (FAQ) database that Bisq provides to its users allows them to become familiar with not only the most common but also the less common questions that have been asked. Bisq Wiki, the platform’s very own online Crypto Reviews, is also available to users. Users are able to read anything and everything pertaining to the history, features, and documentation of the platform in this section.
Feel free to type as much as you like because the members of the Keybase chat team are waiting to provide instant responses to any and all of your questions. Because Keybase includes a live chat support feature, the turnaround times are not as long as they otherwise would be. The response times may be a little slower than usual when there is a lot of traffic, but the support team will get to you as soon as they can.
Users have the ability to communicate with Bisq’s support agents by clicking on the tab labelled “Support Coverage.” Users are able to view the support agents’ schedules on the platform, which enables them to determine with precision when the agents will be performing platform maintenance. In this manner, they are able to resolve larger and more complicated issues on the spot, rather than speculating about when and how they will do so.
Users have the option of communicating with other traders through the platform’s forum page, turning to GitHub if they suspect or believe that there is a bug at play, or going to Reddit and finding the Bisq subreddit for more in-depth and free-spirited discussions.
A COUPLE OF WORDS PRIOR TO YOUR DEPARTURE…
Bisq is an excellent choice for a decentralised cryptocurrency exchange, making it a strong contender among other similar services. It provides everything you could ever need in order to successfully execute a trade, and you won’t have to worry about anyone stealing your personal sensitive information in the process. Anyone can assume the identity of Agent Smith at Bisq for a nominal fee denominated in Bitcoin. The platform gives users access to a large amount of liquidity as well as a peer-to-peer network, allowing them to sell Bitcoin while benefiting from low withdrawal fees in the form of a network mining fee.
The fact that you are responsible for handling and configuring everything on your own is the one and only drawback of using a decentralised cryptocurrency platform. No one will be there to help you through the process, no one will act as a chaperone, and no one will set the table for you. Because of this, we strongly advise that you do not begin trading cryptocurrency on a decentralised peer-to-peer (P2P) exchange. Although this does not pose a problem for seasoned traders and institutions, it does not bode well for novice traders. Before diving in headfirst, it’s best to build up some experience first.
